It should come as no surprise that buying an upscale home is a major life event and brings with it all the emotions that major life events do: from anxiety, to a sense of overwhelm, to elation when everything goes through. The good news? Many have successfully gone through the process, and you can too! Here are some of the most common things buyers wish they had known about purchasing a luxury property:
It’s a full-time job. The house hunt really does require a lot of time and effort, not to mention the need for you to be on-call to sign documents or take calls urgently. If your job isn’t flexible, it’s a good idea to either house hunt during a slower season, or even take a few days off so you can focus on your real estate journey.
A mortgage broker can get you the best rate. Most buyers turn to the bank when it comes to looking for the best mortgage. The problem with this, however, is that they’re not comparing their best rates to other banks! A mortgage broker on the other hand, isn’t affiliated with any particular lender, so they have the freedom to compare rates and find you the best arrangement for your needs.
Don’t forget about closing costs. Chances are you’re already handing over a sizeable chunk of cash to purchase a property, but that doesn’t mean you should forget about closing costs. In Canada, closing costs usually involve things like land transfer fees, home inspection costs and taxes. Expect to budget between 2 and 5 per cent of your home’s purchase price to cover these.